North Carolina Down Payment Support Programs

Online Merchant account - The North Carolina Housing Finance Agency has two amazing plans for first-time Home Buyers. These systems would be the Mortgage Credit Certificate as well as the Down Payment Assistance Program.

Should you qualify for one of the programs and you also buy a property between January 1, 2009 and December 1, 2009, you may also qualify for the $8,000 tax credit just enacted into law.

First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a home in the past three years. Here is the same qualifying definition.

All home owners can claim an itemized deduction.

You'll be able to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes, should you are eligible for the MCC. You are able to save around $2,000 on your taxes.

You'll find a way to join this with the $8,000 tax credit if you do qualify for 2009. This might reduce a purchaser's tax liability by $10,000.

Who qualifies for an MCC is based on the price of the house and your income you're buying. Household income means the “gross income of the mortgagor and any man anticipated to reside in the dwelling who is 18 years old or older.”

House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.

MCC Income Limits 1 Man $61,500 2 Men $61,500 3 Persons $70,500 4 Individuals $70,500

MCC Sales Price Limitations New House $220,000 Existing Home $210,000

The customer just needs to pay and the load would pay up to $8,000 of the remaining balance.

This program has more rigorous income limits than the MCC plan outlined above. Like the MCC program, it may be used along with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, however, can't be utilized together together with the MCC. That is an either or scenario.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Persons $45,650 3 Persons $51,350 4 Individuals $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing Residence $210,000